Is West Town Bank & Trust An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at West Town Bank & Trust with other lenders for mortgages with similar borrower characteristics:

Interest Rate: lower than average (-0.05%)
Loan Related Closing Costs: higher than average (+$1211)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, West Town Bank & Trust originated 249 mortgages, a national market share of 0.0%. It was most active in MD (0.1% market share), NC (0.0% market share), and WV (0.0% market share).

On average, West Town Bank & Trust’s interest rates were lower than those of comparable mortgages at other lenders (-0.05%).1The comparable mortgages control for West Town Bank & Trust’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $6843, which was higher than those of comparable mortgages at $5632, with a difference of +$1211. Overall, we estimate that West Town Bank & Trust tends to be an average cost lender, with a cost-adjusted-rate difference of +0.03% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with West Town Bank & Trust.

West Town Bank & Trust originated Conforming, FHA and VA mortgages for new home purchases. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:

Home Purchase Mortgages from West Town Bank & Trust compared to other lenders

Conforming FHA VA
Interest Rate Difference +0.00% -0.14% -0.03%
Loan related Closing Cost Difference +$1125 +$532 +$2160
Cost Adjusted Rate Difference +0.07% -0.09% +0.10%

Based on the table above, West Town Bank & Trust is cheap for FHA purchase mortgages. It is more expensive than other lenders for Conforming and VA purchase mortgages.

Other information about West Town Bank & Trust:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: WEST TOWN BANCORP, INC.
Registered city and state: NORTH RIVERSIDE, IL, 60546
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Footnotes   [ + ]

1. The comparable mortgages control for West Town Bank & Trust’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages.
2. Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate.